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Am I paying the right PRSI?

  • 01-10-2006 9:57pm
    #1
    skywalker
    Registered Users, Registered Users 2 Posts: 2,707 ✭✭✭


    Hi
    Im just having a look at my payslip & trying to work out if Im paying the right amount of tax in my new job. To start off I was having a look at the tax calculator at http://www.hookhead.ie/Tools/tax2006.jsp but when I checked it against my wagslip they didnt match, and I seem to have tracked down the difference to PRSI.

    The hookhead one uses prsi at 4%. I had a look at the sticky & got some info off revenue.ie which seems to have muddled the issue more than sorted it.

    The link
    herestates the prsi rate is 4%, but the link here states there is an extra 2% health contribution.

    Neither exactly tallies with what I am paying atm. Im just trying to get some concrete info before going to payroll and asking about it. I am prsi code A1.
    Thanks


Comments

  • #2
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    It's note quite as clear cut as single percentage. Take a look at this page on oasis.gov.ie. It should give you an idea what you should be paying. There is a link to a calculator there.


  • #3
    daisychain
    Closed Accounts Posts: 43 ✭daisychain


    It depends how much you earn. If you earn less than €440 a week you shouldn't be in class A1 you should be on AL. That limit last year was €400 - I was earning €423 at the time and the wages guy obviously never bothered updating himself on the budget changes and kept me on A1. There was about €8.50 a week in the difference which is €442 over a year. In May I moved to a different dept. so he no longer does my wages and I got a payrise that brought me into class A1. I pointed this out to him at the time but he never did anything about it. I am due a refund of about €140 which the PRSI refunds section say I can't apply for until January 07 and should get my cheque sometime around July (seriously :rolleyes: )

    At the same time, I took over doing the payroll for another department and my predecessor also had a lot of employees on A1 who should have been AL. Sometimes employees will be AL one week and A1 the next if they have overtime, bonus etc.

    If you are on A1 (over €440/week) you should pay 2% on the first €127 and 6% on the balance
    AL (€356.01-440.00) 0% on the first €127 and 4% on the balance

    HTH


  • #4
    mcgwilliam
    Closed Accounts Posts: 1 ✭mcgwilliam


    skywalker wrote:
    Hi
    Im just having a look at my payslip & trying to work out if Im paying the right amount of tax in my new job. To start off I was having a look at the tax calculator at http://www.hookhead.ie/Tools/tax2006.jsp but when I checked it against my wagslip they didnt match, and I seem to have tracked down the difference to PRSI.

    The hookhead one uses prsi at 4%. I had a look at the sticky & got some info off revenue.ie which seems to have muddled the issue more than sorted it.

    The link
    herestates the prsi rate is 4%, but the link here states there is an extra 2% health contribution.

    Neither exactly tallies with what I am paying atm. Im just trying to get some concrete info before going to payroll and asking about it. I am prsi code A1.
    Thanks

    The key thing to understand here is that there are 2 parts to this, namely PRSI and Health Insurance.

    PRSI is deducted at 4% of your salary up to the PRSI ceiling (€46600.00) and thereafter you do not pay PRSI for the rest of the year. There is also the PRSI allowance which is then deducted from your PRSI liability (a little like tax credits).

    Health insurance is calculated at 2% of your entire salary.

    Some of the official tax documents say that you "pay 6% up to the PRSI ceiling and then 2% thereafter", but I think it's easier to understand if you think of it as 2 seperate taxes .

    Regards,
    William


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